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Namco Bandai Raises Profit Forecast 88%
by David Jenkins [PC, Console/PC, Mobile Phone, Mobile Console]
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March 14, 2008
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Officials from Japanese publisher and developer Namco Bandai have raised the company’s annual profit forecast 88 percent, amidst significant stock market gains following a promise to buy back outstanding shares and new real estate gains in Tokyo.
The company, composed of veteran arcade and home publisher/developer Namco and major toy and Gundam license holder Bandai, yesterday announced plans to spend up to ¥12 billion ($119.0m) to buy back up to 3.14 percent of its outstanding shares.
At the same time, net income predictions for the full year were increased to ¥31 billion ($307.4m) – a 28 percent rise on the previous year. This increase though was primarily attributed to a ¥16.7 billion ($165.6m) gain from the sale of real estate in Tokyo – rather than to video games or other merchandise sales.
As a result, the company saw share prices enjoy their biggest gain in a month, with a rise of 5 percent, according to Bloomberg.
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